The Importance Of Market Research. Market Research Is Important

Marketing research is very important component of a business used to identify and define the opportunities and problems that they will encounter on the market. The aim

A market analysis, or market research, helps to understand the community an organization is working for, as well as come up with ideas for the future (Berkowitz, 2011). This is true for any organization, and even more important for smaller organizations, as that may not have a large amount of money to use for new ventures, services, and products. Not to mention the organization needs to determine the best plan of action for their consumers, as well as those that are not yet utilizing the services and products being offered.

Before launching or expanding a business venture, there needs to be an understanding of the industry, its competitors, and its customers. Market research is vital in assisting companies in the decision-making process and their marketing direction. Data from marketing research is important because it provides companies with ways to identify opportunities, identify market potential, minimize chances of loss, devise effective marketing strategies, gauge customer satisfaction, and serve as an evaluation tool.

Market research indicates decisions made by a business, in this case Tesco, by helping the decision makers understand undercurrents of its market. This process involves research done on customers, competitors and the overall marketing environment.

Marketing research is the method/methods that connect the clients, buyers and users to the marketer through data found from research to find and outline marketing opportunities and dilemmas. The general aim of marketing research is to recognize and evaluate how altering the marketing mix which is comprised of 4 features: product, price, promotion and place, influences customer behaviour.

Market research is utilized by companies to make the right decisions when it comes to

Data collection methods are the third process.  Data can be collected in many ways such as: observation, surveys, focus groups, and reanalysis of existing data, questionnaires, and interviews (Hagan, 2010, p. 19).  Data collection is a vital portion of any kind of research.  Inaccurate data collection will affect the results of a study and inevitably lead to invalid results.

What is Market Research? When you collect and identify data (qualitative data and quantiative) about customers, the market and competitors.

There are a number of methods of collecting data, some of them are – questionnaire, surveys, checklists, interviews, observations, focus group etc (Cordray, 1986; Einhorn and Hogarth, 1986).

Explain with examples how different market research methods are appropriate to assist different marketing situations.

The researcher will look at different methods and decide which should use to gather the information required to answer the hypothesis questions. These methods may both include quantitative and qualitative approach such as interviews, questionnaires, conducting experiments or gathering data through statistic. After choosing appropriate methods, the researcher will investigate possible ethical implications, validity and reliability of the data collected.

Marketing has become more and more important, especially as the purposes of marketing expanded into performing marketing researches. Through marketing researches, it is asserted that marketing starts with a real customer need. Classic marketing, has, nonetheless, focused on making the need that will draw customers, and this stresses the advertising power of marketing (Woodall 2007, p.1284). This is also called the sales concept of marketing (Woodall 2007, p.1285). An example is how advertising lures people into buying a brand, because of the

M1: Explain, with examples, how different market research methods are appropriate to assist different marketing situations. Looking back at the market research methods that could be used to collect information, methods such as questionnaires/ survey, observation, focus groups, experimentation, internet, website monitoring etc. I am going to select 3 primary and 3 secondary methods of research from the ones I have written about. I have chosen 3 primary researches which are: •

Primary and secondary sources are ways in which data can be retrieved. As Serakan (2006) stated, “Primary data refer to information obtained by the researcher on the variables of interest for the specific purpose of the study”. Various evidence suggesting to what methods of primary research can be conducted and which are most effective for the previously mentioned problem description are stated in this chapter.

Data Collection is a vital aspect of any type of research study. Erroneous data collection can impact the results of a study and ultimately lead to invalid results. Data collection methods for impact evaluation vary along a scale. At the one end of this scale are quantitative methods and at the other end of the scale are Qualitative methods for data collection. Choosing a particular data collection method will depend on the accuracy of information they will yield and the practical considerations, such as, the need for personnel, time, equipment and other facilities, in relation to what is available